Fixed Assets, Net

9 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Fixed assets, net consisted of the following (in thousands):


	September 30, 2020		December 31, 2019
Leasehold improvements and other fixed assets	$	129,244	$	119,682
Software, including software development costs	29,953		28,063
Computer and communications equipment	25,756		23,028
Total, cost	184,953		170,773
Accumulated depreciation and amortization	(82,937)		(72,757)
Total, net	$	102,016	$	98,016

Depreciation expense for the three months ended September 30, 2020 and September 30, 2019 was $5.3 million and $4.4 million, respectively, and $13.6 million and $13.7 million for the nine months ended September 30, 2020 and September 30, 2019, respectively. Newmark recorded an impairment charge of $1.1 million and $1.4 million for internally developed software for the three and nine months ended September 30, 2020, respectively. The impairment charge is included as a part of “Depreciation and amortization” on the accompanying unaudited condensed consolidated statements of operations. There were no impairment charges for the three and nine months ended September 30, 2019.

Capitalized software development costs for the three months ended September 30, 2020 and September 30, 2019 were $0.5 million and $0.6 million, respectively, and $2.6 million and $2.9 million for the nine months ended September 30, 2020 and September 30, 2019, respectively. Amortization of software development costs totaled $0.3 million and $0.6 million for the three months ended September 30, 2020 and September 30, 2019, respectively, and $0.9 million and $1.8 million for the nine months ended September 30, 2020 and September 30, 2019, respectively. Amortization of software development costs is included as part of “Depreciation and amortization” on the accompanying unaudited condensed consolidated statements of operations.